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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Knockoff Economy summary
Kal Raustiala
Christopher Sprigman
How Imitation Sparks Innovation
16 mins
Brief summary
'The Knockoff Economy' by Kal Raustiala and Christopher Sprigman is a book that explores the world of imitative products and how they exist in a separate legal and cultural realm. It explores the implications of knockoff products for innovation and creativity in the global economy.
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The Knockoff Economy
Summary of 7 key ideas
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Key idea 1 of 7
Copying and imitation do not need to stifle creativity and innovation.
In any discussion on copyright law, you’ll often hear that copying and imitation damage creativity and innovation. People believe that copying is cheaper than creating, which in turn reduces the incentive to innovate. After all, why spend all your time and money coming up with the best idea if you could just copy it instead?
But the industries that are the most creative are not even protected by copyright laws. Copying is simply a matter of course in fashion, and yet the industry thrives nevertheless.
In fact, data from the US Bureau of Labor shows that, from 1998 to 2012, the average price of garments has remained virtually unchanged. The companies whose goods are often copied produce the highest priced garments, and one might think that copying would hurt their bottom line. In reality, these brands flourish, despite selling their garments at 250 percent the price of the copying competition.
In the same vein, there is no copyright protection for recipes. Despite this, many believe the culinary world is at a creative peak.
If you are a chef whose prized recipe is copied, your reputation as an inventive cook is burnished. Thomas Keller’s dish “Oyster and Pearls,” for example, has been widely copied. Did it run him out of business? No. In fact, it brought Keller’s restaurant The French Laundry – and Keller himself – international recognition and success.
Furthermore, industries that promote strict copyright laws are not necessarily more creative. Industries such as music and film, which have more stringent protections against copying, have actually been experiencing a decline in their markets. These protections, rather than simply hindering pirating, can make it harder for new competitors who could have been at the forefront of innovation in the field to freely sample existing work in their own creations.
Obviously there are industries where copying is prevalent, and they are nonetheless creative, but in some areas copying is part of the creative culture.
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What is The Knockoff Economy about?
The Knockoff Economy challenges the idea that copying and imitation pose serious barriers for industries. Instead, it uses concrete examples to demonstrate how, in an age where copying is easier than ever before, innovation is at its historical zenith.
The Knockoff Economy Review
The Knockoff Economy (2012) explores the fascinating world of imitation and counterfeiting, shedding light on the industries and individuals that thrive on copying. Here's why this book is worth reading:
- It offers a fresh perspective on the economic and cultural impact of copying, challenging traditional notions of creativity and innovation.
- The book presents a compelling case for the benefits of imitation in certain contexts, revealing how imitation can drive competition and spur innovation.
- Through in-depth analysis and intriguing case studies, the book explores the legal and ethical complexities surrounding copying, making it an intellectually stimulating read.
Best quote from The Knockoff Economy
For a celebrity chef, cooking means handing someone a recipe. – Chef Bobby Flay
—Kal Raustiala and Christopher Sprigman
Who should read The Knockoff Economy?
- Anyone interested in the creative industries, like fashion, music or food
- Creatives who want a fresh perspective on driving innovation
- Anyone interested in open-source models and their implications for innovation
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The Knockoff Economy FAQs
What is the main message of The Knockoff Economy?
The main message of The Knockoff Economy is that imitation can drive innovation and creativity.
How long does it take to read The Knockoff Economy?
The reading time for The Knockoff Economy varies, but it typically takes a few hours. The Blinkist summary can be read in just 15 minutes.
Is The Knockoff Economy a good book? Is it worth reading?
The Knockoff Economy is worth reading because it explores how imitating and copying can lead to innovation and economic growth.
Who is the author of The Knockoff Economy?
The authors of The Knockoff Economy are Kal Raustiala and Christopher Sprigman.
What to read after The Knockoff Economy?
If you're wondering what to read next after The Knockoff Economy, here are some recommendations we suggest:
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- A Short History of Nearly Everything by Bill Bryson
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